Income up at Liberty Mutual
Liberty Mutual Group today reported net income of $350 million for the three months ended March 31, 2007, an increase of $58 million over the same period in 2006.
The increase reflects strong growth in the business units, lower catastrophes and strong investment results.
"Our profitability in the quarter is gratifying but not surprising," said Edmund F. Kelly, Liberty Mutual Group Chairman, President and CEO. "While we had a healthy increase in aggregate revenue, our commercial lines growth is less robust than last year, reflecting our commitment to maintaining underwriting and pricing discipline in the face of increased competition."
Revenues for the three months ended March 31, 2007 were $6.143 billion, an increase of $695 million, or 12 percent, over the same period in 2006.
Pre-tax income for the three months ended March 31, 2007 was $500 million, an increase of $96 million, or 23.8 percent, over the same period in 2006.
Total assets were $88.124 billion as of March 31, 2007, an increase of $2.626 billion, 3.1 percent, over December 31, 2006.
(By Thomas C. Palmer, Jr., Globe staff)
